Archive · 23 Jul 2025
Congress Accuses Modi Government of Billionaire Loan Favoritism
The Congress party is upset with the government.
They say the government is helping rich people by forgiving their loans.
The government says banks have written off a lot of money in loans, but they also say the people who borrowed the money still have to pay it back.
The banks are still trying to get the money back.
The Congress thinks the government is hurting the poor to help the rich.
Congress party accuses Modi government of favoring billionaires through loan write-offs.
The government responded that public sector banks have written off Rs 12,08,828 crore in loans from 2015-16 to 2024-25.
Congress claims the government is 'robbing the poor to benefit the rich'.
The Finance Ministry clarified that loan write-offs don't waive borrowers' liabilities.
Banks continue pursuing recovery actions on written-off loans.
- Who
- Congress party and the Modi government
- What
- Congress accuses the Modi government of favoring billionaires through loan write-offs.
- When
- From 2015-16 to 2024-25, according to government data.
- Where
- India
- Why
- Congress alleges the government's economic policy favors the rich.
Congress Party's Perspective
Modi Government's Perspective
Benefit
Congress Party's Perspective
Loan write-offs benefit the rich.
Modi Government's Perspective
N/A
Economic Impact
Congress Party's Perspective
Government's economic policy is hurting the poor.
Modi Government's Perspective
N/A
- Accusation
- Modi govt favoring billionaires
- Accuser
- Congress Party
- Loan Write-Offs
- Rs 12,08,828 crore (2015-16 to 2024-25)
- Government Response
- Write-offs don't waive liabilities
- Recovery Actions
- Banks continue pursuing them